Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of River Lofts, a 74-unit apartment property in Tualatin, Oregon.
“The surrounding area boasts one of the highest-earning demographic profiles in the Portland MSA, as evidenced by average annual household income within a three-mile radius of River Lofts of over $126,000,” stated Anthony Palladino of IPA. The property, built in 1974, has undergone interior and exterior upgrades by prior ownership groups.
Palladino, Georgie Christensen-Riley of Marcus & Millichap, and IPA’s Philip Assouad, Giovanni Napoli, Nick Ruggiero, and Ryan Harmon represented the seller, Next Wave Investors, and procured the buyer, FPA Multifamily in association with David Tabata, Marcus & Millichap’s broker of record in Oregon.
Located on the banks of the Tualatin River, 12 miles from Portland, River Lofts is within walking distance of one of the premier lifestyle centers in the Portland MSA, Bridgeport Village. The property benefits from its proximity to high-quality schools in one of the most sought-after suburban locations in the metro area.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
